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Side-by-side financial comparison of ARMSTRONG WORLD INDUSTRIES INC (AWI) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
ARMSTRONG WORLD INDUSTRIES INC is the larger business by last-quarter revenue ($388.3M vs $335.6M, roughly 1.2× Natural Grocers by Vitamin Cottage, Inc.). ARMSTRONG WORLD INDUSTRIES INC runs the higher net margin — 16.9% vs 3.4%, a 13.5% gap on every dollar of revenue. On growth, ARMSTRONG WORLD INDUSTRIES INC posted the faster year-over-year revenue change (5.6% vs 1.6%). ARMSTRONG WORLD INDUSTRIES INC produced more free cash flow last quarter ($62.2M vs $11.6M). Over the past eight quarters, ARMSTRONG WORLD INDUSTRIES INC's revenue compounded faster (9.1% CAGR vs 4.4%).
Armstrong World Industries, Inc. is an international designer and manufacturer of wall and ceiling building materials based in Lancaster, Pennsylvania. As of 2014, AWI had 3,100 employees and a global manufacturing network of 17 facilities, down from 26, including nine plants dedicated to its WAVE joint venture, in 2012.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
AWI vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $388.3M | $335.6M |
| Net Profit | $65.5M | $11.3M |
| Gross Margin | 39.8% | 29.5% |
| Operating Margin | 23.7% | 4.4% |
| Net Margin | 16.9% | 3.4% |
| Revenue YoY | 5.6% | 1.6% |
| Net Profit YoY | 5.3% | 14.0% |
| EPS (diluted) | $1.51 | $0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $388.3M | $335.6M | ||
| Q3 25 | $425.2M | $336.1M | ||
| Q2 25 | $424.6M | $328.7M | ||
| Q1 25 | $382.7M | $335.8M | ||
| Q4 24 | $367.7M | $330.2M | ||
| Q3 24 | $386.6M | $322.7M | ||
| Q2 24 | $365.1M | $309.1M | ||
| Q1 24 | $326.3M | $308.1M |
| Q4 25 | $65.5M | $11.3M | ||
| Q3 25 | $86.3M | $11.8M | ||
| Q2 25 | $87.8M | $11.6M | ||
| Q1 25 | $69.1M | $13.1M | ||
| Q4 24 | $62.2M | $9.9M | ||
| Q3 24 | $76.9M | $9.0M | ||
| Q2 24 | $65.9M | $9.2M | ||
| Q1 24 | $59.9M | $8.0M |
| Q4 25 | 39.8% | 29.5% | ||
| Q3 25 | 42.0% | 29.5% | ||
| Q2 25 | 41.4% | 29.9% | ||
| Q1 25 | 39.2% | 30.3% | ||
| Q4 24 | 39.1% | 29.9% | ||
| Q3 24 | 42.4% | 29.6% | ||
| Q2 24 | 40.9% | 29.2% | ||
| Q1 24 | 38.1% | 29.3% |
| Q4 25 | 23.7% | 4.4% | ||
| Q3 25 | 27.6% | 4.6% | ||
| Q2 25 | 29.0% | 4.7% | ||
| Q1 25 | 25.7% | 5.2% | ||
| Q4 24 | 22.3% | 4.0% | ||
| Q3 24 | 28.8% | 3.7% | ||
| Q2 24 | 26.0% | 4.2% | ||
| Q1 24 | 26.4% | 3.7% |
| Q4 25 | 16.9% | 3.4% | ||
| Q3 25 | 20.3% | 3.5% | ||
| Q2 25 | 20.7% | 3.5% | ||
| Q1 25 | 18.1% | 3.9% | ||
| Q4 24 | 16.9% | 3.0% | ||
| Q3 24 | 19.9% | 2.8% | ||
| Q2 24 | 18.0% | 3.0% | ||
| Q1 24 | 18.4% | 2.6% |
| Q4 25 | $1.51 | $0.49 | ||
| Q3 25 | $1.98 | $0.51 | ||
| Q2 25 | $2.01 | $0.50 | ||
| Q1 25 | $1.58 | $0.56 | ||
| Q4 24 | $1.41 | $0.43 | ||
| Q3 24 | $1.75 | $0.38 | ||
| Q2 24 | $1.50 | $0.40 | ||
| Q1 24 | $1.36 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $112.7M | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $900.7M | $220.0M |
| Total Assets | $1.9B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.7M | $23.2M | ||
| Q3 25 | $90.1M | $17.1M | ||
| Q2 25 | $81.1M | $13.2M | ||
| Q1 25 | $82.8M | $21.2M | ||
| Q4 24 | $79.3M | $6.3M | ||
| Q3 24 | $73.7M | $8.9M | ||
| Q2 24 | $73.6M | $13.9M | ||
| Q1 24 | $69.6M | $11.0M |
| Q4 25 | $900.7M | $220.0M | ||
| Q3 25 | $889.2M | $212.4M | ||
| Q2 25 | $837.8M | $202.5M | ||
| Q1 25 | $793.4M | $193.0M | ||
| Q4 24 | $757.1M | $181.9M | ||
| Q3 24 | $717.0M | $174.3M | ||
| Q2 24 | $669.0M | $167.8M | ||
| Q1 24 | $626.8M | $160.0M |
| Q4 25 | $1.9B | $668.6M | ||
| Q3 25 | $1.9B | $670.5M | ||
| Q2 25 | $1.9B | $659.0M | ||
| Q1 25 | $1.9B | $664.6M | ||
| Q4 24 | $1.8B | $648.9M | ||
| Q3 24 | $1.8B | $655.5M | ||
| Q2 24 | $1.8B | $654.4M | ||
| Q1 24 | $1.7B | $656.6M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $110.0M | $21.1M |
| Free Cash FlowOCF − Capex | $62.2M | $11.6M |
| FCF MarginFCF / Revenue | 16.0% | 3.4% |
| Capex IntensityCapex / Revenue | 12.3% | 2.9% |
| Cash ConversionOCF / Net Profit | 1.68× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $246.1M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.0M | $21.1M | ||
| Q3 25 | $122.9M | $15.6M | ||
| Q2 25 | $81.6M | $2.9M | ||
| Q1 25 | $41.0M | $34.1M | ||
| Q4 24 | $86.6M | $2.7M | ||
| Q3 24 | $96.5M | $24.5M | ||
| Q2 24 | $57.3M | $12.4M | ||
| Q1 24 | $26.4M | $20.2M |
| Q4 25 | $62.2M | $11.6M | ||
| Q3 25 | $100.3M | $7.5M | ||
| Q2 25 | $61.7M | $-4.2M | ||
| Q1 25 | $21.9M | $27.6M | ||
| Q4 24 | $57.8M | $-6.9M | ||
| Q3 24 | $77.1M | $18.0M | ||
| Q2 24 | $37.4M | $3.6M | ||
| Q1 24 | $11.7M | $9.8M |
| Q4 25 | 16.0% | 3.4% | ||
| Q3 25 | 23.6% | 2.2% | ||
| Q2 25 | 14.5% | -1.3% | ||
| Q1 25 | 5.7% | 8.2% | ||
| Q4 24 | 15.7% | -2.1% | ||
| Q3 24 | 19.9% | 5.6% | ||
| Q2 24 | 10.2% | 1.2% | ||
| Q1 24 | 3.6% | 3.2% |
| Q4 25 | 12.3% | 2.9% | ||
| Q3 25 | 5.3% | 2.4% | ||
| Q2 25 | 4.7% | 2.2% | ||
| Q1 25 | 5.0% | 1.9% | ||
| Q4 24 | 7.8% | 2.9% | ||
| Q3 24 | 5.0% | 2.0% | ||
| Q2 24 | 5.5% | 2.9% | ||
| Q1 24 | 4.5% | 3.4% |
| Q4 25 | 1.68× | 1.86× | ||
| Q3 25 | 1.42× | 1.32× | ||
| Q2 25 | 0.93× | 0.25× | ||
| Q1 25 | 0.59× | 2.60× | ||
| Q4 24 | 1.39× | 0.27× | ||
| Q3 24 | 1.25× | 2.72× | ||
| Q2 24 | 0.87× | 1.35× | ||
| Q1 24 | 0.44× | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWI
| Distributors | $183.0M | 47% |
| Architectural Specialties | $143.7M | 37% |
| Home Centers | $27.2M | 7% |
| Retailers And Other | $21.7M | 6% |
| Direct Customers | $12.7M | 3% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
